READ ALONGSIDE THE SOURCE
Okaloosa County BOCC — September 16, 2014 — Okaloosa County Capital Improvement Revenue Note (Bank Loan Recommendation) 9-9-2014 — reading text
Part 2 of 2. These parts divide the reading text for browsing; they are not the source document's page numbers.
Machine-extracted text — 254-Okaloosa County Capital Improvement Revenue Note _Bank Loan Recommendation_ 9-9-2014.pdf
Machine-extracted OCR text · Review label: Machine produced / unreviewed
Compare this copy with the preserved source. Review labels describe the recorded status of this file; they do not guarantee that the text is error-free. Spacing and line breaks are retained, with long lines wrapped to fit the screen.
Capital Improvement Revenue Note, Series 2014
Friday, September 05, 2014
(1) (2)
BBVA Compass SunTrust
Scenario: 20 Year Bond Issue 25 Year Bond Issue 30 Year Bond Issue
15 Year 20 Year
10/1/2034
Final Maturity 10/1/2029 10/1/2034 10/1/2039 10/1/2044
(10 Year Put Option)
Issue Detail (Series 2014)
Project Amount $24,082,188 $22,237,588 $24,082,000 $24,082,000 $24,082,000
Average Annual Debt Service $2,272,325 $1,820,270 $1,815,767 $1,614,472 $1,487,388
Debt Service Reserve None $1,822,662 Surety Policy Surety Policy Surety Policy
Total Net Debt Service $31,812,544 $32,762,476 $34,499,575 $38,747,325 $43,134,256
Par Amount $25,000,000 $25,000,000 $24,395,000* $23,985,000* $23,755,000*
MADS (Series 2014) $2,274,193 $1,822,662 $1,818,431 $1,616,875 $1,489,750
TIC 3.390% 3.480% 3.394% 3.770% 4.000%
All-Inclusive Cost 3.439% 3.519% 3.484% 3.844% 4.065%
Dated Date 10/10/2014 10/10/2014 10/10/2014 10/10/2014 10/10/2014
(2)
Final Maturity 10/1/2029 10/1/2034 10/1/2034 10/1/2039 10/1/2044
Make-Whole First 10 Standard 10 Year Standard 10 Year Standard 10 Year
Call Feature Make-Whole
Years & Par Thereafter Bond Call Feature Bond Call Feature Bond Call Feature
- Preliminary / Subject to Change
- All scenarios assume capitalized interest through 10/1/2015
- Estimated cost of issuance of approximately $90k for bank loan scenarios
- Estimated cost of issuance of approximately $155k & $5.00/per bond underwriter discount for bond issue scenarios
- Estimated Surety Policy of 3.00% for bond issue scenarios
(1)
- Assumes indicative rate from proposal as of 9/5/2014
(2)
- Assumes full 20 year amortization and a cash funded debt service reserve
- *Assumes premium bond structure
4